Why do credit card companies close your account after you pay off your balance?
I’m the kind of guy who pays the balance off each month. Over the summer, Amex closed my account after I made a $3,000 payment for no reason. I realize the recession might have still been going on during the summer but you’d think to maximize profit, if they felt I was high risk, why wouldn’t they just leave my account alone and rake in my merchant fees, annual fee, and interest in I ever decided to carry a balance? It’s like a lose, lose for both of us.
It isn’t that you were high risk, you were a non-money making asset. If you don’t carry a balance, they don’t make money off you. Interest, late fees, over limit fees, payment fees, etc. are how they make their living. If you pay off your balance, in full, every month, how are you helping make them a profit?
High Risk Merchant Accounts, Credit Card Processing, Adult, Gambling
Merchant Account + Authorize.Net for a non US business?
I need a merchant account and a payment gateway (cc processor) for my web based business. We operate from Singapore. From what I gather:
* Paypal is considered unprofessional – so not an option
* Authorize.net works with any MSP (merchant service provider)
Hence we need a good MSP. Can anyone help?
You won’t be able to use Authorize.Net because they only work with US and Canadian based MSPs. These MSPs only will sign up American and/or Canadian businesses to merchant accounts.
Paypal is very professional depending on which service you choose to use.
I need help with ebay I want to sell things what do i need to do with pay pal is it free what do i do please?
Also what form of service do i need to accept payment premium merchant account any ideas im stumped?
Go to WWW.PAYPAL.COM and register. PP acts like a bank. You have to give them a Savings account number and/or credit card number. When you sell something the buyer will pay via PP and they will take a commission and the balance will be credited to your account. If you buy something you’ll instruct PP to make the payment to the seller from your savings account or credit card.. The seller pays the commission. When you have a balance in your PP account you can instruct them to deposit it to your savings account and you can withdraw it when needed.
Looking for a high risk payment processor (merchant account)?
I’m going to try and ask this question one last time. I am looking for a payment processor for a adult dating site. I have searched for weeks for one in the US and so far none that accept this type of business so I am now looking for payment processing companies in other countries. Please do not respond is you are doing a quick search and post a few names that show up. I have already done that. I am wanting to hear from people that use a company and can suggest a company that they use or have used with having no problems with them.
The only one that I know of is charge.com I have been recently looking for a high risk merchant payment gateway as well (though not for adult related industry) and aside from some offshore places, they were the only one that would take me on. I ended up forming another company that has absolutly nothing to do with my business and getting a merchant account for that company. Since my original company owns 51% of the new company, it is legal for me to use it to pull my payments.
What are some good companies to open up a Merchant Account for my business?
I am in the process of opening my companies website to the public but I need a Merchant Account in order to charge customers for there orders during check out. I am sure there are numerous Merchant Companies out there to choose from but I want to be sure I pick the right one for my company. I am not sure how many transactions I will have per month because the business if very new but over time the amount of transactions will increase over time. I know that some Merchant services charge you on an estimated amount of transactions per month, and if you do not reach that level you will be charge additional fees.
If someone could give me some helpful information on what Merchant Companies are better than others, who has good rates? no monthly fees? cheaper monthly fees? etc…
As much information on this topic would be appreciate, even if you can point me in the right direction I would be appreciated.
Thank you for your time
Check with your bank. Most banks offer Merchant Account services, and if you have an account, you may get a discounted rate.
Other than that, Paypal does offer a pretty good Merchant Account, and it’s bundled with a payment gateway (which is something else you’ll need if you want to accept credit cards online, along with an SSL certificate).
Probably the largest & safest provider is Authorize.net. Most of the decent Merchant Service providers are just resellers for them, so it might pay to check with them directly, first.
What are some good sites to research in order to sell products online w/o having to setup a merchant account?
Beyond sites like Ebay but something that can be tailored to host the product listings without having to invest in a separate merchant account and building a database to query the products. I would rather it be something that can be integrated in a current site without it having to redirect to another site to make the final purchase. Anything that would allow me to have the least amount of click-thru’s that result in a sale.
you can buy the private label rights to quickpaypro.
Just look for it on eBay.
otherwise, paypal.com, clickbank.com and 2checkout.com
are recommended.
Credit Card Processing Without A Merchant Account – MerchantCashAdvance.Com
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How do I become payment gateway service provider in india?
what are requirements to become payment gateway service provider or merchant service provider in India? what is the full procedure for it?Please tell me , how much it will cost?
if you want to take money from ATM/credit card
then you need to implement a payment gateway from the respective bank , nd it is very costly to implement a gateway . so check all options before you put any money in the business
Our website currently accepts Google Checkout and we thought that we accepted credit cards until authorize.net finally contacted us and told us that we need a merchant bank as well.
As you may already know, the only way to get a merchant account is to have your business incorporated. How do other online businesses accept credit cards!!? Surely they all aren’t incorporated? We cannot use Paypal. Please help us!
That’s not true.
I got my first merchant account while operating as a sole proprietorship. You simply need to have your business registered and show your business registration documents (in addition to a credit check and othe requirements). Otherwise, partnerships or LLCs or sole proprietorships cannot operate on the Web and accept credit cards if your claim is true
Go talk to your bank. Banks often give the best rates (and lesser hidden fees such as statement fees, etc). Ask them about procedures for getting a merchant account
Or if you are a Costco Executive member, you can also get good rates from them
Or you can get it from third party providers such as Card Service International (though some of their rates are pricey http://www.cardservice.com/ )
Read the reviews of merchant account providers http://www.100best-merchant-accounts.com/merchants.html
Does anyone know of a great credit card processing company other than PayPal?
thanks…
I am loooking for the Merchant Account on my website. Recently, experienced a Chargeback that has absolutely no merit and has the cardholders signature. Not happy with how pp is handling it.
Any major bank – Bof A, Wells Fargo, Citi – any of them. Do a search on “merchant bankcard acquirers” and you’ll find a ton. Smaller banks contract with Independant Sales Organizations (ISOs) to do the work. Are you looking from a merchant point of view or a cardholder point of view?
-MM
Investing & Money Management : Credit Card Processing Company Reviews
What’s a good word for someone or thing that helps run a business?
I’m designing some software to help small mom-and-pop companies put themselves online for little or no recurring cost. The software will be able to run all the functions of their business, from inventory control, to marketing (tie ins to Froogle, eBay, Shopping.com, and AdWords and Overture), to accounting (export in CSV for now, QuickBooks later), and so forth. It will be easy to change the look-and-feel of it (using skins and templates, some of which I’ll build at first, and I’ll publish the guide to creating more). It will integrate with Authorize.net, PayPal, and other merchant services. It will be built using Open Source tools, and will itself be Open Source.
Can anyone think of a good name for something like this?
WoW! good job, wish you luck. I hope there are more people like you in the business world. Here are my suggestions:
1) U Manage
2) My Genie
3) Virtual Pop
4) My Boss
5) Successor
6) In Charge
7) IMManage
hope u like one of those.
Look At Chad’s Authorize.net Merchant Account.mp4
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We are starting up a business, and as everyone knows credit cards are very common. We have no idea how to go about searching for credit card terminals, the going rate per transaction or anything about the process. Does anybody know how to get further info? I would really appreciate it. Thanks.
Terminals and processing are two separate issues. You may decide to purchase your terminal from your processor, but make sure that it suits your needs and that it is priced competitively. A nice standard choice for a retail endeavor is the Omni 3750. It is universally certified by nearly all merchant processing companies and offers many upgrade options including IP, gift card, smartcard and more. It’s really a workhorse. If you decide to go in another direction, make sure that the equipment you purchase is not proprietary and allows you the flexibility of being used by muliple service providers. Another option altogether is to set up a POS system or other processing software on your network or PC.
As to actual processing, this is an excerpt from an educational article I wrote for a local merchant group. Merchant processing isn’t really exciting, so it is kind of dry, but it should help you ask the right questions when you look to make a decision on a new processor.
Visa and MasterCard, the card associations, receive the majority of the fees that merchants pay for their processing services. The remainder of the fees, or the margin, is what the merchant processor receives. The card associations have designated over 240 different card categories that each merchant processor must recognize and process. Every merchant processor, no matter how big or small, is charged the same rates and fees by the card associations and every merchant processor differentiates each card category utilizing exactly the same card category name as designated by the card associations.
The card categories are designated in the following manner:
1.) Industry – Retail, Restaurant, Hotel, Government, Utility, Service Industry, Gas Station, Supermarket, etc.
2.) Type of Card – Personal Visa or MasterCard, Visa or MasterCard Debit, Visa Rewards, MasterCard World, Commercial Visa, Corporate MasterCard, etc.
3.) Method of Processing – Face-to-Face (swipe), Mail Order/Telephone Order, Key Entered, E-Commerce, etc.
4.) Processing Efficiency – Address Verification, Authorization/Settle Match, Timeliness of Settlement, etc.
These categories are as diverse as they seem. If a cardholder uses the same card to buy something from a retail establishment, lunch at a restaurant and pay their electric bill, all three of these transactions will be designated as a separate card and rate category. If a retail establishment accepts two different types of cards (ex. – a Visa Debit Card and a Visa Rewards Card) for a purchase of the exact same amount, both of these transactions will be designated as a separate card and rate category. The same is true for a Face-to-Face transaction as opposed to a telephone order. Furthermore, if a merchant does take a telephone order and doesn’t enter the required cardholder information, the transaction will be downgraded to a higher priced card and rate category than a properly executed telephone order.
So what does all of this mean to you?
For many merchants, the hardest thing to do is accept the fact that the merchant processing system, to some extent, simply is what it is. There really are that many card categories. There really are that many different rates and fees. Your merchant processor deals with and manages this system – they do not have the power to change it. Any merchant processor who claims to be dealing with a better or more advantageous system than other processors isn’t being honest.
Sure, some merchant processors offer a simplified statement format with bundled categories, but only to keep from disclosing individual rates. The simpler the statement format the less a merchant knows about what their true credit card processing costs are or should be. A simple statement also makes it very difficult to perform an accurate comparison to other programs. For many merchant processors, their most successful customer retention tool is their customer’s complete inability to understand their services.
One of the posted answers is a great example of this issue. If Visa and MasterCard charge the exact same amount to every processor for every transaction, why would a merchant pay a higher amount depending on how they identify themselves? (To the author’s credit he reveals this nuance of his company’s pricing structure) Your profile will dictate what your effective rate should be and a merchant processor should be able to help you identify this. Make sure that you are not penalized for accepting cards outside of your normal channels.
In ancient China, one effect on government of the teachings of Confucius was the high status of
a)soldiers
b)merchants
c)farmers
d)scholars
One factor that accounted for Chinese influence on traditional Japanese culture was the
a)continuous warfare between the countries
b)geographic location of the countries
c)refusal of Western nations to trade with Japan
d)annexation of Japan into the Chinese Empire
Which statement best describes the cultures of Southeast Asia?
a)The cultures of India and China have had great influence on the religion and philosophy of this area.
b)Most ethnic groups in this area have the same language and customs.
c)European culture has had little impact on this area.
d)The major religion in this area is Shintoism.
OMG ABBY YOU CHEATER!!!!! YOU ARE IN MY HISTORY CLASS!
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